Escrow Service for Baltic members

28 November 2018

The Baltic Exchange’s Escrow Service, which enables members to hold deposits for ship sale transactions, now supports transactions where the buyer, seller or broker is a Baltic Exchange member. The service is run out of Singapore and led by Chris Jones, the Baltic Exchange’s Head of Asia who is a former Sale & Purchase shipbroker with over 40 years of experience.

Based on a new Baltic Escrow Form developed by the Baltic Exchange, the service is subject to the Singapore Exchange’s (SGX) detailed compliance and money laundering procedures. OCBC Bank provides the joint deposit account.